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0 per cent balance transfer deals "going strong"

Fri, 29 Feb 2008

An expert has suggested that zero per cent balance transfer deals on credit cards is one area of lending that continues to be resilient.

David Kuo, head of personal finance at Fool.co.uk, said that this market is "going strong" and there are "plenty" of deals available.

However, he warned consumers that not all deals are "what they appear to be".

"Consumers who intend to use zero per cent balance transfer cards need to be aware that while there may be a plethora of cards, there are effectively only nine genuine cards that will do what they say on the tin," Mr Kuo stated.

According to the organisation, a "genuine" balance transfer credit card is one which offers a deal lasting a minimum of ten months if it charges a fee.

James Falla, managing director of Thomas Charles, recently said that many credit card providers are "tightening their credit criteria" in the wake of the credit crunch.

Providers are now "looking more closely" at consumers who may be more "high-risk", he added.
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